HIGHLIGHTS AND THEMES
- The narrow trading range for the Bloomberg Commodity Index remains
- Gold and Crude have held recent lows but lack upside momentum, and these two matter the most for commodity index
- Copper can be bought here, at this point it’s a low-conviction buy, so keep the size down for now. Add higher and stop out at 400
- Corn trades well on the long and still can be bought. Other grains still struggle
- Livestock consolidating with Cattle still stronger than Hogs
- Softs have more risk of moving lower – Sugar, Cocoa, and Coffee
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily has been been in a narrow trading range with clear breakout levels at 99.50-100. A pending Sequential on the downside remains on day 12 of 13 and would need a drop to the November lows to qualify the 13.
Bloomberg Commodity Index Weekly had held the TDST Setup Trend support at 95.19 and has a pending Sequential on week 7 of 13.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily has had relatively narrow trading range illustrated better on the weekly chart
WTI Crude futures daily continues to trade in a narrow range not far from lows. A move to the upside Propulsion target of 73.21 is possible.
WTI Crude futures bullish sentiment remains elevated vs the poor price action
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Shows the narrow trading range in the last quarter.
Natural Gas futures daily feel back at the TDST resistance at 3.53. It’s been a struggle but I’d give the benefit of the doubt to the bullish side
Natural Gas futures bullish sentiment at the 50% midpoint majority level.
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Sell Setup 9 due this week with current weekly Sequential pending on week 9 of 13 could continue but it’s been a struggle
Metals
Gold daily still has the Sequential pending and needs to make a low under November levels.
Gold bullish sentiment remains under pressure and not oversold
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily with lower highs trying to hold the 200 day. In downside wave 3 of 5
Silver bullish sentiment has made lower highs
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily with recent DeMark Sequential buy Countdown 13. Small price flip up lacking upside momentum. I would buy this with a 400 stop
Copper futures bullish sentiment bounced off ~40% level again
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Has to hold lows from Summer
Platinum daily remains in no-mans land
Platinum bullish sentiment remains under pressure
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily has a new Sequential buy Countdown 13 and will need a price flip up in the coming days/weeks to matter.
Palladium bullish sentiment remains under pressure
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily has an upside Sequential Countdown and traded to a new recent high. Looks good as a long
Corn futures bullish sentiment continues to improve
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Wheat futures daily with new Combo 13 and price flip up at the 20 day. Lower high pattern needs to break for a durable long trade.
Wheat futures bullish sentiment remains under pressure with slight reveral
Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Soybean futures daily nice bounce off recent lows but needs to clear and move higher over 50 day
Soybean futures bullish sentiment remains under pressure
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Sequential in progress on week 5 of 13
Livestock
Live Cattle futures daily has seen nominal consolidation with recent 13’s. 200 day support.
Live Cattle futures bullish sentiment remains supportive
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Higher lows, higher highs
Lean Hogs futures daily consolidating with downside wave 3 risk to watch if wave 1 low breaks
Lean Hogs bullish sentiment holding steady with slight decline
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily has not been able to make any turn higher
Cotton futures bullish sentiment remains under pressure
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily holding the 20 day for now.
Coffee futures bullish sentiment starting to reverse
Sugar futures daily is at the TDST support line with a recent Setup 9 and potential Sequential starting. Holding this TDST is important, especially after a Setup 9.
Sugar futures bullish sentiment broke the 50% midpoint level and could move even lower
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily reversal down.
Cocoa futures bullish sentiment broke down this week after moving back into the extreme zone
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
